June 18, 2021
|
Registration Statement Nos. 333-236659 and 333-236659-01; Rule 424(b)(2)
|
JPMorgan Chase Financial Company LLC
Structured Investments
$2,364,000
Capped Buffered Equity Notes Linked to an Unequally
Weighted Basket Consisting of the S&P 500® Index, the ARK Innovation ETF and the iShares® MSCI EAFE
ETF due June 22, 2023
Fully and Unconditionally Guaranteed by JPMorgan
Chase & Co.
|
·
|
The notes are designed for investors who seek unleveraged exposure to any appreciation of an unequally weighted basket of the S&P
500® Index, the ARK Innovation ETF and the iShares® MSCI EAFE ETF, up to a maximum return of 15.00%, at
maturity.
|
|
·
|
Because the S&P 500® Index makes up 70.00% of the Basket, we expect that generally the market value of your notes
and your payment at maturity will depend to a greater extent on the performance of the S&P 500® Index.
|
|
·
|
Investors should be willing to forgo interest and dividend payments and be willing to lose up to 85.00% of their principal amount
at maturity.
|
|
·
|
The ARK Innovation ETF is actively managed and is subject to additional risks. Unlike a passively managed fund, an actively
managed fund does not attempt to track an index or other benchmark, and the investment decisions for an actively managed fund are instead
made by its investment adviser. See “Selected Risk Considerations — Risks Relating to the Basket — An Investment
in the Notes Is Subject to Risks Associated with Actively Managed Funds with Respect to the ARK Innovation ETF” in this pricing
supplement for more information.
|
|
·
|
The notes are unsecured and unsubordinated obligations of JPMorgan Chase Financial Company LLC, which we refer to as JPMorgan Financial,
the payment on which is fully and unconditionally guaranteed by JPMorgan Chase & Co. Any payment on the notes is subject to the
credit risk of JPMorgan Financial, as issuer of the notes, and the credit risk of JPMorgan Chase & Co., as guarantor of the notes.
|
|
·
|
Minimum denominations of $1,000 and integral multiples thereof
|
|
·
|
The notes priced on June 18, 2021 and are expected to settle on or about June 23, 2021.
|
Investing in the notes involves a number of risks. See
“Risk Factors” beginning on page S-2 of the accompanying prospectus supplement, “Risk Factors” beginning on page
PS-12 of the accompanying product supplement, “Risk Factors” beginning on page US-3 of the accompanying underlying supplement
and “Selected Risk Considerations” beginning on page PS-4 of this pricing supplement.
Neither the Securities and Exchange Commission (the “SEC”)
nor any state securities commission has approved or disapproved of the notes or passed upon the accuracy or the adequacy of this pricing
supplement or the accompanying product supplement, underlying supplement, prospectus supplement and prospectus. Any representation to
the contrary is a criminal offense.
|
Price to Public (1)
|
Fees and Commissions (2)
|
Proceeds to Issuer
|
Per note
|
$1,000
|
$2.50
|
$997.50
|
Total
|
$2,364,000
|
$5,910
|
$2,358,090
|
(1) See “Supplemental Use of Proceeds” in
this pricing supplement for information about the components of the price to public of the notes.
(2) J.P. Morgan Securities LLC, which we refer to as
JPMS, acting as agent for JPMorgan Financial, will pay all of the selling commissions of $2.50 per $1,000 principal amount note it receives
from us to other affiliated or unaffiliated dealers. See “Plan of Distribution (Conflicts of Interest)” in the accompanying
product supplement.
|
The estimated value of the notes, when the terms of the notes were
set, was $987.90 per $1,000 principal amount note. See “The Estimated Value of the Notes” in this pricing supplement for additional
information.
The notes are not bank deposits, are not insured by the Federal Deposit
Insurance Corporation or any other governmental agency and are not obligations of, or guaranteed by, a bank.
Pricing supplement to product supplement no. 4-I dated
April 8, 2020, underlying supplement no. 1-I dated April 8, 2020
and the prospectus and prospectus supplement, each dated April 8, 2020
Key Terms
Issuer: JPMorgan
Chase Financial Company LLC, an indirect, wholly owned finance subsidiary of JPMorgan Chase & Co.
Guarantor: JPMorgan
Chase & Co.
Basket: The
notes are linked to an unequally weighted basket consisting of the following:
|
·
|
70.00% of the S&P 500® Index (Bloomberg ticker: SPX) (the “Index”);
|
|
·
|
15.00% of the ARK Innovation ETF (Bloomberg ticker: ARKK); and
|
|
·
|
15.00% of the iShares® MSCI EAFE ETF (Bloomberg ticker: EFA) (each of the ARK Innovation ETF and the iShares®
MSCI EAFE ETF, a “Fund” and collectively, the “Funds”)
|
(each of the Index and the Funds, an “Underlying” and collectively,
the “Underlyings”).
Maximum Return: 15.00%
(corresponding to a maximum payment at maturity of $1,150.00 per $1,000 principal amount note)
Buffer Amount:
15.00%
Pricing Date:
June 18, 2021
Original Issue Date
(Settlement Date): On or about June 23, 2021
Observation Date*:
June 19, 2023
Maturity Date*:
June 22, 2023
* Subject to postponement in the event of a market disruption event and
as described under “General Terms of Notes — Postponement of a Determination Date — Notes Linked to Multiple Underlyings”
and “General Terms of Notes — Postponement of a Payment Date” in the accompanying product supplement
Payment at Maturity:
If the Final Basket Value is greater than the Initial Basket Value,
your payment at maturity per $1,000 principal amount note will be calculated as follows:
$1,000 + ($1,000 × Basket Return), subject
to the Maximum Return
If the Final Basket Value is equal to the Initial Basket Value or is
less than the Initial Basket Value by up to the Buffer Amount, you will receive the principal amount of your notes at maturity.
If the Final Basket Value is less than the Initial Basket Value by
more than the Buffer Amount, your payment at maturity per $1,000 principal amount note will be calculated as follows:
$1,000 + [$1,000 × (Basket Return + Buffer
Amount)]
If the Final Basket Value is less than the Initial Basket Value by
more than the Buffer Amount, you will lose some or most of your principal amount at maturity.
Basket Return:
(Final Basket Value – Initial Basket Value)
Initial Basket Value
Initial Basket Value:
Set equal to 100 on the Pricing Date
Final Basket Value:
The closing level of the Basket on the Observation Date
Closing Level of the Basket:
100 × [1 + (70.00% × Underlying Return of the Index) +
(15.00% × Underlying Return of the ARK Innovation ETF) + (15.00% × Underlying Return of the iShares® MSCI EAFE
ETF)]
Underlying Return:
With respect to each Underlying,
(Final Value – Initial Value)
Initial Value
Initial Value: With
respect to each Underlying, the closing value of that Underlying on the Pricing Date, which
was 4,166.45 for the Index, $118.90 for the ARK Innovation ETF and $78.52 the iShares® MSCI EAFE ETF
Final Value:
With respect to each Underlying, the closing value of that Underlying on the Observation Date
Share Adjustment
Factor: With respect to each Fund, the Share Adjustment Factor is referenced
in determining the closing value of that Fund and is set equal to 1.0 on the Pricing Date. The Share Adjustment Factor of each Fund is
subject to adjustment upon the occurrence of certain events affecting that Fund. See “The Underlyings — Funds — Anti-Dilution
Adjustments” in the accompanying product supplement for further information.
PS-1
| Structured Investments
Capped Buffered Equity Notes Linked to an Unequally Weighted
Basket Consisting of the S&P 500® Index, the ARK Innovation ETF and the iShares® MSCI EAFE ETF
|
|
Hypothetical
Payout Profile
The following table illustrates the hypothetical
total return at maturity on the notes. The “total return” as used in this pricing supplement is the number, expressed as a
percentage, that results from comparing the payment at maturity per $1,000 principal amount note to $1,000. The hypothetical total returns
set forth below assume the following:
|
·
|
an Initial Basket Value of 100.00;
|
|
·
|
a Maximum Return of 15.00%; and
|
|
·
|
a Buffer Amount of 15.00%.
|
Each hypothetical total return or hypothetical payment
at maturity set forth below is for illustrative purposes only and may not be the actual total return or payment at maturity applicable
to a purchaser of the notes. The numbers appearing in the following table have been rounded for ease of analysis.
Final Basket Value
|
Basket Return
|
Total Return on the Notes
|
Payment at Maturity
|
180.00
|
80.00%
|
15.00%
|
$1,150.00
|
165.00
|
65.00%
|
15.00%
|
$1,150.00
|
150.00
|
50.00%
|
15.00%
|
$1,150.00
|
140.00
|
40.00%
|
15.00%
|
$1,150.00
|
130.00
|
30.00%
|
15.00%
|
$1,150.00
|
120.00
|
20.00%
|
15.00%
|
$1,150.00
|
115.00
|
15.00%
|
15.00%
|
$1,150.00
|
110.00
|
10.00%
|
10.00%
|
$1,100.00
|
105.00
|
5.00%
|
5.00%
|
$1,050.00
|
101.00
|
1.00%
|
1.00%
|
$1,010.00
|
100.00
|
0.00%
|
0.00%
|
$1,000.00
|
95.00
|
-5.00%
|
0.00%
|
$1,000.00
|
90.00
|
-10.00%
|
0.00%
|
$1,000.00
|
85.00
|
-15.00%
|
0.00%
|
$1,000.00
|
80.00
|
-20.00%
|
-5.00%
|
$950.00
|
70.00
|
-30.00%
|
-15.00%
|
$850.00
|
60.00
|
-40.00%
|
-25.00%
|
$750.00
|
50.00
|
-50.00%
|
-35.00%
|
$650.00
|
40.00
|
-60.00%
|
-45.00%
|
$550.00
|
30.00
|
-70.00%
|
-55.00%
|
$450.00
|
20.00
|
-80.00%
|
-65.00%
|
$350.00
|
10.00
|
-90.00%
|
-75.00%
|
$250.00
|
0.00
|
-100.00%
|
-85.00%
|
$150.00
|
PS-2
| Structured Investments
Capped Buffered Equity Notes Linked to an Unequally Weighted
Basket Consisting of the S&P 500® Index, the ARK Innovation ETF and the iShares® MSCI EAFE ETF
|
|
How the
Notes Work
Upside Scenario:
If the Final Basket Value is greater than the Initial
Basket Value, investors will receive at maturity the $1,000 principal amount plus a return equal to the Basket Return, up to the
Maximum Return of 15.00%. An investor will realize the maximum payment at maturity at a Final Basket Value at or above 115.00% of the
Initial Basket Value.
|
·
|
If the closing level of the Basket increases 5.00%, investors will receive at maturity
a 5.00% return, or $1,050.00 per $1,000 principal amount note.
|
|
·
|
If the closing level of the Basket increases 40.00%, investors will receive at maturity
a return equal to the 15.00% Maximum Return, or $1,150.00 per $1,000 principal amount note, which is the maximum payment at maturity.
|
Par Scenario:
If the Final Basket Value is equal to the Initial Basket
Value or is less than the Initial Basket Value by up to the Buffer Amount of 15.00%, investors will receive at maturity the principal
amount of their notes.
Downside Scenario:
If the Final Basket Value is less than the Initial Basket
Value by more than the Buffer Amount of 15.00%, investors will lose 1% of the principal amount of their notes for every 1% that the Final
Basket Value is less than the Initial Basket Value by more than the Buffer Amount.
|
·
|
For example, if the closing level of the Basket declines 50.00%, investors will
lose 35.00% of their principal amount and receive only $650.00 per $1,000 principal amount note at maturity, calculated as follows:
|
$1,000
+ [$1,000 × (-50.00% + 15.00%)] = $650.00
The hypothetical returns and hypothetical payments on
the notes shown above apply only if you hold the notes for their entire term. These hypotheticals do not reflect the fees or expenses
that would be associated with any sale in the secondary market. If these fees and expenses were included, the hypothetical returns and
hypothetical payments shown above would likely be lower.
PS-3
| Structured Investments
Capped Buffered Equity Notes Linked to an Unequally Weighted
Basket Consisting of the S&P 500® Index, the ARK Innovation ETF and the iShares® MSCI EAFE ETF
|
|
Selected
Risk Considerations
An investment in the notes involves significant risks.
These risks are explained in more detail in the “Risk Factors” sections of the accompanying prospectus supplement, product
supplement and underlying supplement.
Risks Relating to the Notes Generally
|
·
|
YOUR INVESTMENT IN THE NOTES MAY RESULT IN A LOSS —
|
The notes do not guarantee any return of principal.
If the Final Basket Value is less than the Initial Basket Value by more than 15.00%, you will lose 1% of the principal amount of your
notes for every 1% that the Final Basket Value is less than the Initial Basket Value by more than 15.00%. Accordingly, under these circumstances,
you will lose up to 85.00% of your principal amount at maturity.
|
·
|
YOUR MAXIMUM GAIN ON THE NOTES IS LIMITED BY THE MAXIMUM RETURN,
|
regardless of any appreciation of the Basket,
which may be significant.
|
·
|
CREDIT RISKS OF JPMORGAN FINANCIAL AND JPMORGAN CHASE & CO. —
|
Investors are dependent on our and JPMorgan
Chase & Co.’s ability to pay all amounts due on the notes. Any actual or potential change in our or JPMorgan Chase & Co.’s
creditworthiness or credit spreads, as determined by the market for taking that credit risk, is likely to adversely affect the value of
the notes. If we and JPMorgan Chase & Co. were to default on our payment obligations, you may not receive any amounts owed to you
under the notes and you could lose your entire investment.
|
·
|
AS A FINANCE SUBSIDIARY, JPMORGAN FINANCIAL HAS NO INDEPENDENT OPERATIONS AND HAS LIMITED ASSETS —
|
As a finance subsidiary of JPMorgan Chase
& Co., we have no independent operations beyond the issuance and administration of our securities. Aside from the initial capital
contribution from JPMorgan Chase & Co., substantially all of our assets relate to obligations of our affiliates to make payments under
loans made by us or other intercompany agreements. As a result, we are dependent upon payments from our affiliates to meet our obligations
under the notes. If these affiliates do not make payments to us and we fail to make payments on the notes, you may have to seek payment
under the related guarantee by JPMorgan Chase & Co., and that guarantee will rank pari passu with all other unsecured and unsubordinated
obligations of JPMorgan Chase & Co.
|
·
|
THE NOTES DO NOT PAY INTEREST.
|
|
·
|
CORRELATION (OR LACK OF CORRELATION) OF THE UNDERLYINGS —
|
The notes are linked to an unequally weighted
Basket composed of an Index and two Funds. Because the Index makes up 70.00% of the Basket, we expect that generally the market value
of your notes and your payment at maturity will depend to a greater extent on the performance of the Index. In calculating the Final Basket
Value, an increase in the value of one of the Underlyings may be moderated, or more than offset, by lesser increases or declines in the
values of the other Underlyings. In addition, high correlation of movements in the values of the Underlyings during periods of negative
returns among the Underlyings could have an adverse effect on the payment at maturity on the notes.
|
·
|
YOU WILL NOT RECEIVE DIVIDENDS ON EITHER FUND OR THE SECURITIES INCLUDED IN OR HELD BY ANY UNDERLYING
OR HAVE ANY RIGHTS WITH RESPECT TO THE FUNDS OR THOSE SECURITIES.
|
The notes will not be listed on any securities
exchange. Accordingly, the price at which you may be able to trade your notes is likely to depend on the price, if any, at which JPMS
is willing to buy the notes. You may not be able to sell your notes. The notes are not designed to be short-term trading instruments.
Accordingly, you should be able and willing to hold your notes to maturity.
Risks Relating to Conflicts of Interest
We and our affiliates play a variety of roles
in connection with the notes. In performing these duties, our and JPMorgan Chase & Co.’s economic interests are potentially
adverse to your interests as an investor in the notes. It is possible that hedging or trading activities of ours or our affiliates in
connection with the notes could result in substantial returns for us or our affiliates while the value of the notes declines. Please refer
to “Risk Factors — Risks Relating to Conflicts of Interest” in the accompanying product supplement.
PS-4
| Structured Investments
Capped Buffered Equity Notes Linked to an Unequally Weighted
Basket Consisting of the S&P 500® Index, the ARK Innovation ETF and the iShares® MSCI EAFE ETF
|
|
Risks Relating to the Estimated Value and Secondary
Market Prices of the Notes
|
·
|
THE ESTIMATED VALUE OF THE NOTES IS LOWER THAN THE ORIGINAL ISSUE PRICE (PRICE TO PUBLIC) OF THE NOTES
—
|
The estimated value of the notes is only an
estimate determined by reference to several factors. The original issue price of the notes exceeds the estimated value of the notes because
costs associated with selling, structuring and hedging the notes are included in the original issue price of the notes. These costs include
the selling commissions, the projected profits, if any, that our affiliates expect to realize for assuming risks inherent in hedging our
obligations under the notes and the estimated cost of hedging our obligations under the notes. See “The Estimated Value of the Notes”
in this pricing supplement.
|
·
|
THE ESTIMATED VALUE OF THE NOTES DOES NOT REPRESENT FUTURE VALUES OF THE NOTES AND MAY DIFFER FROM OTHERS’
ESTIMATES —
|
See “The Estimated Value of the Notes”
in this pricing supplement.
|
·
|
THE ESTIMATED VALUE OF THE NOTES IS DERIVED BY REFERENCE TO AN INTERNAL FUNDING RATE —
|
The internal funding rate used in the determination
of the estimated value of the notes may differ from the market-implied funding rate for vanilla fixed income instruments of a similar
maturity issued by JPMorgan Chase & Co. or its affiliates. Any difference may be based on, among other things, our and our affiliates’
view of the funding value of the notes as well as the higher issuance, operational and ongoing liability management costs of the notes
in comparison to those costs for the conventional fixed income instruments of JPMorgan Chase & Co. This internal funding rate is based
on certain market inputs and assumptions, which may prove to be incorrect, and is intended to approximate the prevailing market replacement
funding rate for the notes. The use of an internal funding rate and any potential changes to that rate may have an adverse effect on the
terms of the notes and any secondary market prices of the notes. See “The Estimated Value of the Notes” in this pricing supplement.
|
·
|
THE VALUE OF THE NOTES AS PUBLISHED BY JPMS (AND WHICH MAY BE REFLECTED ON CUSTOMER ACCOUNT STATEMENTS)
MAY BE HIGHER THAN THE THEN-CURRENT ESTIMATED VALUE OF THE NOTES FOR A LIMITED TIME PERIOD —
|
We generally expect that some of the costs
included in the original issue price of the notes will be partially paid back to you in connection with any repurchases of your notes
by JPMS in an amount that will decline to zero over an initial predetermined period. See “Secondary Market Prices of the Notes”
in this pricing supplement for additional information relating to this initial period. Accordingly, the estimated value of your notes
during this initial period may be lower than the value of the notes as published by JPMS (and which may be shown on your customer account
statements).
|
·
|
SECONDARY MARKET PRICES OF THE NOTES WILL LIKELY BE LOWER THAN THE ORIGINAL ISSUE PRICE OF THE NOTES
—
|
Any secondary market prices of the notes will
likely be lower than the original issue price of the notes because, among other things, secondary market prices take into account our
internal secondary market funding rates for structured debt issuances and, also, because secondary market prices may exclude selling commissions,
projected hedging profits, if any, and estimated hedging costs that are included in the original issue price of the notes. As a result,
the price, if any, at which JPMS will be willing to buy the notes from you in secondary market transactions, if at all, is likely to be
lower than the original issue price. Any sale by you prior to the Maturity Date could result in a substantial loss to you.
|
·
|
SECONDARY MARKET PRICES OF THE NOTES WILL BE IMPACTED BY MANY ECONOMIC AND MARKET FACTORS —
|
The secondary market price of the notes during
their term will be impacted by a number of economic and market factors, which may either offset or magnify each other, aside from the
selling commissions, projected hedging profits, if any, estimated hedging costs and the level of the Basket. Additionally, independent
pricing vendors and/or third party broker-dealers may publish a price for the notes, which may also be reflected on customer account statements.
This price may be different (higher or lower) than the price of the notes, if any, at which JPMS may be willing to purchase your notes
in the secondary market. See “Risk Factors — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes
— Secondary market prices of the notes will be impacted by many economic and market factors” in the accompanying product supplement.
Risks Relating to the Basket
|
·
|
JPMORGAN CHASE & CO. IS CURRENTLY ONE OF THE COMPANIES THAT MAKE UP THE INDEX,
|
but JPMorgan Chase & Co. will not have
any obligation to consider your interests in taking any corporate action that might affect the level of the Index.
PS-5
| Structured Investments
Capped Buffered Equity Notes Linked to an Unequally Weighted
Basket Consisting of the S&P 500® Index, the ARK Innovation ETF and the iShares® MSCI EAFE ETF
|
|
|
·
|
AN INVESTMENT IN THE NOTES IS SUBJECT TO RISKS ASSOCIATED WITH ACTIVELY MANAGED FUNDS WITH RESPECT TO THE ARK INNOVATION ETF —
|
The ARK Innovation ETF is actively managed.
Unlike a passively managed fund, an actively managed fund does not attempt to track an index or other benchmark, and the investment decisions
for an actively managed fund are instead made by its investment adviser. The investment adviser of an actively managed fund may adopt
a strategy or strategies that are significantly higher risk than the indexing strategy that would have been employed by a passively managed
fund. As an actively managed fund, the ARK Innovation ETF is subject to management risk. In managing an actively managed fund, the investment
adviser of a fund applies investment strategies, techniques and analyses in making investment decisions for that fund, but there can be
no guarantee that these actions will produce the intended results. The ability of the ARK Innovation ETF’s investment adviser to
successfully implement the ARK Innovation ETF’s investment strategy will significantly influence the market price of the shares
of the ARK Innovation ETF and, consequently, the value of the notes.
|
·
|
THERE ARE RISKS ASSOCIATED WITH THE iSHARES®
MSCI EAFE ETF —
|
The iShares® MSCI EAFE ETF is
subject to management risk, which is the risk that the investment strategies of the iShares® MSCI EAFE ETF’s investment
adviser, the implementation of which is subject to a number of constraints, may not produce the intended results. These constraints could
adversely affect the market prices of the shares of the iShares® MSCI EAFE ETF and, consequently, the value of the notes.
|
·
|
THE PERFORMANCE AND MARKET VALUE OF EACH FUND, PARTICULARLY DURING PERIODS OF MARKET VOLATILITY, MAY NOT CORRELATE WITH THE NET
ASSET VALUE PER SHARE AS WELL AS, WITH RESPECT TO THE iSHARES® MSCI EAFE ETF, THE PERFORMANCE OF THAT FUND’S UNDERLYING
INDEX —
|
Because the shares of each Fund are traded on
a securities exchange and are subject to market supply and investor demand, the market value of one share of each Fund may differ from
the net asset value per share of that Fund. In addition, the iShares® MSCI EAFE ETF does not fully replicate its Underlying
Index (as defined under “The Basket” below) and may hold securities different from those included in its Underlying Index.
Moreover, the performance of the iShares® MSCI EAFE ETF will reflect additional transaction costs and fees that are not
included in the calculation of its Underlying Index. All of these factors may lead to a lack of correlation between the performance of
the iShares® MSCI EAFE ETF and its Underlying Index. Furthermore, corporate actions with respect to the equity securities
underlying the iShares® MSCI EAFE ETF (such as mergers and spin-offs) may impact the variance between the performances
of that Fund and its Underlying Index.
During periods of market volatility, securities
underlying each Fund may be unavailable in the secondary market, market participants may be unable to calculate accurately the net asset
value per share of that Fund and the liquidity of that Fund may be adversely affected. This kind of market volatility may also disrupt
the ability of market participants to create and redeem shares of a Fund. Further, market volatility may adversely affect, sometimes materially,
the prices at which market participants are willing to buy and sell shares of a Fund. As a result, under these circumstances, the market
value of shares of a Fund may vary substantially from the net asset value per share of that Fund. For all of the foregoing reasons, the
performance of each Fund may not correlate with the net asset value per share of that Fund as well as, with respect to the iShares®
MSCI EAFE ETF , the performance of its Underlying Index, which could materially and adversely affect the value of the notes in the secondary
market and/or reduce any payment on the notes.
PS-6
| Structured Investments
Capped Buffered Equity Notes Linked to an Unequally Weighted
Basket Consisting of the S&P 500® Index, the ARK Innovation ETF and the iShares® MSCI EAFE ETF
|
|
|
·
|
RISKS ASSOCIATED WITH DISRUPTIVE INNOVATION COMPANIES WITH RESPECT TO THE ARK INNOVATION ETF — The ARK Innovation ETF’s
investment strategy involves exposure to companies that the investment adviser believes are capitalizing on disruptive innovation and
developing technologies to displace older technologies or create new markets (“disruptive innovation companies”). However,
the companies selected by the investment adviser may not in fact do so. Companies that initially develop a novel technology may not be
able to capitalize on the technology. Companies that develop disruptive technologies may face political or legal attacks from competitors,
industry groups or local and national governments. These companies may also be exposed to risks applicable to sectors other than the disruptive
innovation theme for which they are chosen, and the securities issued by these companies may underperform the securities of other companies
that are primarily focused on a particular theme. The ARK Innovation ETF may invest in companies that do not currently derive any revenue
from disruptive innovations or technologies, and there is no assurance that any company will derive any revenue from disruptive innovations
or technologies in the future. A disruptive innovation or technology may constitute a small portion of any company’s overall business.
As a result, the success of a disruptive innovation or technology may not affect the value of the equity securities issued by that company.
|
|
·
|
THE NOTES ARE SUBJECT TO RISKS RELATING TO CRYPTOCURRENCIES AND RELATED INVESTMENTS WITH RESPECT TO THE ARK INNOVATION ETF —
|
The ARK Innovation ETF may have exposure to
cryptocurrencies, such as bitcoin, indirectly through investment funds, including through an investment in the Grayscale Bitcoin Trust
(“GBTC”), a privately offered, open-end investment vehicle. Cryptocurrencies are digital assets designed to act as a
medium of exchange and do not represent legal tender. Cryptocurrency generally operates without central authority or banks and is
not backed by any government. Cryptocurrencies are susceptible to theft, loss, destruction and fraud. Cryptocurrency is an
emerging asset class, and regulation in the United States is still developing, including with respect to market integrity, anti-fraud,
anti-manipulation, cybersecurity, surveillance and anti-money laundering. Federal, state and/or foreign governments may restrict
the use and exchange of cryptocurrencies. The market prices of bitcoin and other cryptocurrencies have been subject to extreme fluctuations.
Even when held indirectly, investment vehicles like GBTC may be affected by the high volatility associated with cryptocurrency exposure.
Holding a privately offered investment vehicle in its portfolio may cause the ARK Innovation ETF to trade at a discount to its net asset
value. If cryptocurrency markets continue to be subject to sharp fluctuations, the ARK Innovation ETF and the notes may be adversely
affected. In addition, the share prices of GBTC and other similar investment vehicles that are not listed on a national securities
exchange may be more volatile than listed securities because there is generally less liquidity in these securities and there may be less
publicly available information about them or their issuers. Cryptocurrency exchanges and other trading venues on which cryptocurrencies
trade are relatively new and, in most cases, largely unregulated and may therefore be more exposed to fraud and failure than established,
regulated exchanges for securities, derivatives and other currencies. Cryptocurrency exchanges may stop operating or permanently
shut down due to fraud, technical glitches, hackers or malware, which may also affect the prices of cryptocurrencies. Events that
negatively affect cryptocurrencies may negatively affect the performance of the ARK Innovation ETF and the notes.
|
·
|
AN INVESTMENT IN THE NOTES IS SUBJECT TO RISKS ASSOCIATED WITH MID-SIZE, SMALL AND MICRO-CAPITALIZATION
STOCKS WITH RESPECT TO THE ARK INNOVATION ETF —
|
Some of the equity securities held by the
ARK Innovation ETF have been issued by mid-size, small or micro-capitalization companies. Mid-size, small and micro-capitalization companies
may be less able to withstand adverse economic, market, trade and competitive conditions relative to larger companies. Mid-size, small
and micro-capitalization companies are less likely to pay dividends on their stocks, and the presence of a dividend payment could be a
factor that limits downward stock price pressure under adverse market conditions.
|
·
|
NON-U.S. SECURITIES RISK —
|
Some or all of the equity securities held
by each Fund have been issued by non-U.S. companies. Investments in securities linked to the value of such non-U.S. equity securities
involve risks associated with the securities markets in the home countries of the issuers of those non-U.S. equity securities. Also,
there is generally less publicly available information about companies in some of these jurisdictions than there is about U.S. companies
that are subject to the reporting requirements of the SEC.
|
·
|
EMERGING MARKETS RISK —
|
Some or all of the equity securities held
by each Fund have been issued by non-U.S. companies located in emerging markets countries. Countries with emerging markets may have
relatively unstable governments, may present the risks of nationalization of businesses, restrictions on foreign ownership and prohibitions
on the repatriation of assets, and may have less protection of property rights than more developed countries. The economies of countries
with emerging markets may be based on only a few industries, may be highly vulnerable to changes in local or global trade conditions,
and may suffer from extreme and volatile debt
PS-7
| Structured Investments
Capped Buffered Equity Notes Linked to an Unequally Weighted
Basket Consisting of the S&P 500® Index, the ARK Innovation ETF and the iShares® MSCI EAFE ETF
|
|
burdens or inflation rates. Local securities
markets may trade a small number of securities and may be unable to respond effectively to increases in trading volume, potentially making
prompt liquidation of holdings difficult or impossible at times.
|
·
|
THE NOTES ARE SUBJECT TO CURRENCY EXCHANGE RISK —
|
Because the prices of the non-U.S. equity
securities held by each Fund are converted into U.S. dollars for purposes of calculating the net asset value of that Fund, holders of
the notes will be exposed to currency exchange rate risk with respect to each of the currencies in which the non-U.S. equity securities
held by that Fund trade. With respect to each Fund, your net exposure will depend on the extent to which those currencies strengthen
or weaken against the U.S. dollar and the relative weight of equity securities held by that Fund denominated in each of those currencies.
If, taking into account the relevant weighting, the U.S. dollar strengthens against those currencies, the price of the relevant Fund will
be adversely affected and any payment on the notes may be reduced.
|
·
|
RECENT EXECUTIVE ORDERS MAY ADVERSELY AFFECT THE PERFORMANCE OF THE ARK INNOVATION ETF
—
|
Pursuant to recent executive orders, U.S. persons
are prohibited from engaging in transactions in, or possession of, publicly traded securities of certain companies that are determined
to be linked to the People’s Republic of China military, intelligence and security apparatus, or securities that are derivative
of, or are designed to provide investment exposure to, those securities. If the issuer of any of the equity securities held by the ARK
Innovation ETF is in the future designated as such a prohibited company, the value of that company may be adversely affected, perhaps
significantly, which would adversely affect the performance of the ARK Innovation ETF. In addition, under these circumstances, the ARK
Innovation ETF is expected to remove the equity securities of that company from the ARK Innovation ETF. Any changes to the composition
of the ARK Innovation ETF in response to these executive orders could adversely affect the performance of the ARK Innovation ETF.
|
·
|
THE ANTI-DILUTION PROTECTION FOR THE FUNDS IS LIMITED —
|
The calculation agent will make adjustments
to the Share Adjustment Factor for each Fund for certain events affecting the shares of that Fund. However, the calculation agent will
not make an adjustment in response to all events that could affect the shares of the Funds. If an event occurs that does not require the
calculation agent to make an adjustment, the value of the notes may be materially and adversely affected.
PS-8
| Structured Investments
Capped Buffered Equity Notes Linked to an Unequally Weighted
Basket Consisting of the S&P 500® Index, the ARK Innovation ETF and the iShares® MSCI EAFE ETF
|
|
The Basket
The return on the notes is linked to an unequally weighted
basket consisting of the Index, the ARK Innovation ETF and the iShares® MSCI EAFE ETF. Because the Index makes up 70.00%
of the Basket, we expect that generally the market value of your notes and your payment at maturity will depend to a greater extent on
the performance of the Index.
The Index consists of stocks of 500 companies selected
to provide a performance benchmark for the U.S. equity markets. For additional information about the Index, see “Equity Index Descriptions
— The S&P U.S. Indices” in the accompanying underlying supplement.
The ARK Innovation ETF is an actively-managed exchange-traded
fund of ARK ETF Trust, a registered investment company, with an investment objective of long-term growth of capital, that primarily invests
in equity securities of U.S. and non-U.S. companies relevant to the ARK Innovation ETF’s investment theme of disruptive innovation.
For additional information about the ARK Innovation ETF, see Annex A in this pricing supplement.
The iShares® MSCI EAFE ETF is an exchange-traded
fund of iShares® Trust, a registered investment company, that seeks to track the investment results, before fees and expenses,
of an index composed of large- and mid-capitalization developed market equities, excluding the United States and Canada, which we refer
to as the Underlying Index with respect to the iShares® MSCI EAFE ETF. The Underlying Index for iShares®
MSCI EAFE ETF is currently the MSCI EAFE® Index. The MSCI EAFE® Index is a free float-adjusted market capitalization
index intended to measure the equity market performance of certain developed markets, excluding the United States and Canada. For additional
information about iShares® MSCI EAFE ETF, see “Fund Descriptions — The iShares® ETFs”
in the accompanying underlying supplement.
Historical Information
The following graphs set
forth the historical performance of the Basket as a whole, as well as each Underlying, based on the weekly historical closing values from
January 8, 2016 through June 18, 2021. The graph of the historical performance of the Basket assumes that the closing level of the Basket
on January 8, 2016 was 100 and that the weights of the Underlyings were as specified under “Key Terms — Basket” in this
pricing supplement on that date. The closing value of the Index on June 18, 2021 was 4,166.45. The closing value of the ARK Innovation
ETF on June 18, 2021 was $118.90. The closing value of iShares® MSCI EAFE ETF on June
18, 2021 was $78.52. We obtained the closing values of the Underlyings above and below from the Bloomberg Professional®
service (“Bloomberg”), without independent verification. The closing values of the Funds above and below may have been adjusted
by Bloomberg for actions taken by the Funds, such as stock splits.
The historical closing levels of the Basket and the
Underlyings should not be taken as an indication of future performance, and no assurance can be given as to the closing level of the Basket
on the Observation Date or the closing values of the Underlyings on the Observation Date. There can be no assurance that the performance
of the Basket will result in the return of any of your principal amount in excess of $150.00 per $1,000 principal amount note, subject
to the credit risks of JPMorgan Financial and JPMorgan Chase & Co.
PS-9
| Structured Investments
Capped Buffered Equity Notes Linked to an Unequally Weighted
Basket Consisting of the S&P 500® Index, the ARK Innovation ETF and the iShares® MSCI EAFE ETF
|
|
PS-10
| Structured Investments
Capped Buffered Equity Notes Linked to an Unequally Weighted
Basket Consisting of the S&P 500® Index, the ARK Innovation ETF and the iShares® MSCI EAFE ETF
|
|
Tax Treatment
You should review carefully the section entitled
“Material U.S. Federal Income Tax Consequences” in the accompanying product supplement no. 4-II. The following discussion,
when read in combination with that section, constitutes the full opinion of our special tax counsel, Davis Polk & Wardwell LLP, regarding
the material U.S. federal income tax consequences of owning and disposing of notes.
Based on current
market conditions, in the opinion of our special tax counsel it is reasonable to treat the notes as “open transactions” that
are not debt instruments for U.S. federal income tax purposes, as more fully described in “Material U.S. Federal Income Tax Consequences
-- Tax Consequences to U.S. Holders -- Notes Treated as Open Transactions That Are Not Debt Instruments” in the accompanying product
supplement. Assuming this treatment is respected, subject to the possible application of the “constructive ownership” rules,
the gain or loss on your notes should be treated as long-term capital gain or loss if you hold your notes for more than a year, whether
or not you are an initial purchaser of notes at the issue price. The notes could be treated as “constructive ownership transactions”
within the meaning of Section 1260 of the Code, in which case any gain recognized in respect of the notes that would otherwise be long-term
capital gain and that was in excess of the “net underlying long-term capital gain” (as defined in Section 1260) would be treated
as ordinary income, and a notional interest charge would apply as if that income had accrued for tax purposes at a constant yield over
your holding period for the notes. Our special tax counsel has not expressed an opinion with respect to whether the constructive ownership
rules apply to the notes. Accordingly, U.S. Holders should consult their tax advisers regarding the potential application of the constructive
ownership rules.
The IRS or
a court may not respect the treatment of the notes described above, in which case the timing and character of any income or loss on your
notes could be materially and adversely affected. In addition, in 2007 Treasury and the IRS released a notice requesting comments on the
U.S. federal income tax treatment of “prepaid forward contracts” and similar instruments. The notice focuses in particular
on whether to require investors in these instruments to accrue income over the term of their investment. It also asks for comments on
a number of related topics, including the character of income or loss with respect to these instruments; the relevance of factors such
as the nature of the underlying property to which the instruments are linked; the degree, if any, to which income (including any mandated
accruals) realized by non-U.S. investors should be subject to withholding tax; and whether these instruments are or should be subject
to the constructive ownership regime described above. While the notice requests comments on appropriate transition rules and effective
dates, any Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect
the tax consequences of an investment in the notes, possibly with retroactive effect. You should consult your tax adviser regarding the
U.S. federal income tax consequences of an investment in the notes, including the potential application of the constructive ownership
rules, possible alternative treatments and the issues presented by this notice.
Section 871(m) of the Code and Treasury regulations
promulgated thereunder (“Section 871(m)”) generally impose a 30% withholding tax (unless an income tax treaty applies) on
dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities or
indices that include U.S. equities. Section 871(m) provides certain exceptions to this withholding regime, including for instruments
linked to certain broad-based indices that meet requirements set forth in the applicable Treasury regulations. Additionally, a recent
IRS notice excludes from the scope of Section 871(m) instruments issued prior to January 1, 2023 that do not have a delta of one with
respect to underlying securities that could pay U.S.-source dividends for U.S. federal income tax purposes (each an “Underlying
Security”). Based on certain determinations made by us, our special tax counsel is of the opinion that Section 871(m) should
not apply to the notes with regard to Non-U.S. Holders. Our determination is not binding on the IRS, and the IRS may disagree with
this determination. Section 871(m) is complex and its application may depend on your particular circumstances, including whether
you enter into other transactions with respect to an Underlying Security. You should consult your tax adviser regarding the potential
application of Section 871(m) to the notes.
The Estimated
Value of the Notes
The estimated value of the notes set forth on the
cover of this pricing supplement is equal to the sum of the values of the following hypothetical components: (1) a fixed-income debt component
with the same maturity as the notes, valued using the internal funding rate described below, and (2) the derivative or derivatives underlying
the economic terms of the notes. The estimated value of the notes does not represent a minimum price at which JPMS would be willing to
buy your notes in any secondary market (if any exists) at any time. The internal funding rate used in the determination of the estimated
value of the notes may differ from the market-implied funding rate for vanilla fixed income instruments of a similar maturity issued by
JPMorgan Chase & Co. or its affiliates. Any difference may be based on, among other things, our and our affiliates’ view of
the funding value of the notes as well as the higher issuance, operational and ongoing liability management costs of the notes in comparison
to those costs for the conventional fixed income instruments of JPMorgan Chase & Co. This internal funding rate is based on certain
market inputs and assumptions, which may prove to be incorrect, and is intended to approximate the prevailing market replacement funding
rate for the notes. The use of an internal
PS-11
| Structured Investments
Capped Buffered Equity Notes Linked to an Unequally Weighted
Basket Consisting of the S&P 500® Index, the ARK Innovation ETF and the iShares® MSCI EAFE ETF
|
|
funding rate and any potential changes to that rate
may have an adverse effect on the terms of the notes and any secondary market prices of the notes. For additional information, see “Selected
Risk Considerations — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — The Estimated Value
of the Notes Is Derived by Reference to an Internal Funding Rate” in this pricing supplement.
The value of the derivative or derivatives underlying
the economic terms of the notes is derived from internal pricing models of our affiliates. These models are dependent on inputs such as
the traded market prices of comparable derivative instruments and on various other inputs, some of which are market-observable, and which
can include volatility, dividend rates, interest rates and other factors, as well as assumptions about future market events and/or environments.
Accordingly, the estimated value of the notes is determined when the terms of the notes are set based on market conditions and other relevant
factors and assumptions existing at that time.
The estimated value of the notes does not represent
future values of the notes and may differ from others’ estimates. Different pricing models and assumptions could provide valuations
for the notes that are greater than or less than the estimated value of the notes. In addition, market conditions and other relevant factors
in the future may change, and any assumptions may prove to be incorrect. On future dates, the value of the notes could change significantly
based on, among other things, changes in market conditions, our or JPMorgan Chase & Co.’s creditworthiness, interest rate movements
and other relevant factors, which may impact the price, if any, at which JPMS would be willing to buy notes from you in secondary market
transactions.
The estimated value of the notes is lower than the
original issue price of the notes because costs associated with selling, structuring and hedging the notes are included in the original
issue price of the notes. These costs include the selling commissions paid to JPMS and other affiliated or unaffiliated dealers, the projected
profits, if any, that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the notes and the
estimated cost of hedging our obligations under the notes. Because hedging our obligations entails risk and may be influenced by market
forces beyond our control, this hedging may result in a profit that is more or less than expected, or it may result in a loss. A portion
of the profits, if any, realized in hedging our obligations under the notes may be allowed to other affiliated or unaffiliated dealers,
and we or one or more of our affiliates will retain any remaining hedging profits. See “Selected Risk Considerations — Risks
Relating to the Estimated Value and Secondary Market Prices of the Notes — The Estimated Value of the Notes Is Lower Than the Original
Issue Price (Price to Public) of the Notes” in this pricing supplement.
Secondary
Market Prices of the Notes
For information about factors that will impact any secondary
market prices of the notes, see “Risk Factors — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes
— Secondary market prices of the notes will be impacted by many economic and market factors” in the accompanying product supplement.
In addition, we generally expect that some of the costs included in the original issue price of the notes will be partially paid back
to you in connection with any repurchases of your notes by JPMS in an amount that will decline to zero over an initial predetermined period.
These costs can include selling commissions, projected hedging profits, if any, and, in some circumstances, estimated hedging costs and
our internal secondary market funding rates for structured debt issuances. This initial predetermined time period is intended to be the
shorter of six months and one-half of the stated term of the notes. The length of any such initial period reflects the structure of the
notes, whether our affiliates expect to earn a profit in connection with our hedging activities, the estimated costs of hedging the notes
and when these costs are incurred, as determined by our affiliates. See “Selected Risk Considerations — Risks Relating to
the Estimated Value and Secondary Market Prices of the Notes — The Value of the Notes as Published by JPMS (and Which May Be Reflected
on Customer Account Statements) May Be Higher Than the Then-Current Estimated Value of the Notes for a Limited Time Period” in this
pricing supplement.
Supplemental
Use of Proceeds
The notes are offered to meet investor demand for products
that reflect the risk-return profile and market exposure provided by the notes. See “Hypothetical Payout Profile” and “How
the Notes Work” in this pricing supplement for an illustration of the risk-return profile of the notes and “The Basket”
in this pricing supplement for a description of the market exposure provided by the notes.
The original issue price of the notes is equal to
the estimated value of the notes plus the selling commissions paid to JPMS and other affiliated or unaffiliated dealers, plus (minus)
the projected profits (losses) that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the
notes, plus the estimated cost of hedging our obligations under the notes.
Supplemental
Plan of Distribution
We expect that delivery of the notes will be made against
payment for the notes on or about the Original Issue Date set forth on the front cover of this pricing supplement, which will be the third
business day following the Pricing Date of the notes (this settlement cycle
PS-12
| Structured Investments
Capped Buffered Equity Notes Linked to an Unequally Weighted
Basket Consisting of the S&P 500® Index, the ARK Innovation ETF and the iShares® MSCI EAFE ETF
|
|
being referred to as “T+3”). Under Rule
15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in two business
days, unless the parties to that trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes on any date prior to
two business days before delivery will be required to specify an alternate settlement cycle at the time of any such trade to prevent a
failed settlement and should consult their own advisors.
Validity
of the Notes and the Guarantee
In the opinion of Davis Polk & Wardwell LLP, as special
products counsel to JPMorgan Financial and JPMorgan Chase & Co., when the notes offered by this pricing supplement have been executed
and issued by JPMorgan Financial and authenticated by the trustee pursuant to the indenture, and delivered against payment as contemplated
herein, such notes will be valid and binding obligations of JPMorgan Financial and the related guarantee will constitute a valid and binding
obligation of JPMorgan Chase & Co., enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar
laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles of general applicability (including,
without limitation, concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses no opinion
as to (i) the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed
above or (ii) any provision of the indenture that purports to avoid the effect of fraudulent conveyance, fraudulent transfer or similar
provision of applicable law by limiting the amount of JPMorgan Chase & Co.’s obligation under the related guarantee. This opinion
is given as of the date hereof and is limited to the laws of the State of New York, the General Corporation Law of the State of Delaware
and the Delaware Limited Liability Company Act. In addition, this opinion is subject to customary assumptions about the trustee’s
authorization, execution and delivery of the indenture and its authentication of the notes and the validity, binding nature and enforceability
of the indenture with respect to the trustee, all as stated in the letter of such counsel dated February 26, 2020, which was filed as
an exhibit to the Registration Statement on Form S-3 by JPMorgan Financial and JPMorgan Chase & Co. on February 26, 2020.
Additional
Terms Specific to the Notes
You should read this pricing supplement together with
the accompanying prospectus, as supplemented by the accompanying prospectus supplement relating to our Series A medium-term notes of which
these notes are a part, and the more detailed information contained in the accompanying product supplement and the accompanying underlying
supplement. This pricing supplement, together with the documents listed below, contains the terms of the notes and supersedes all other
prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence,
trade ideas, structures for implementation, sample structures, fact sheets, brochures or other educational materials of ours. You should
carefully consider, among other things, the matters set forth in the “Risk Factors” sections of the accompanying prospectus
supplement, the accompanying product supplement and the accompanying underlying supplement, as the notes involve risks not associated
with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest
in the notes.
You may access these documents on the SEC website
at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):
Our Central Index Key, or CIK, on the SEC website is
1665650, and JPMorgan Chase & Co.’s CIK is 19617. As used in this pricing supplement, “we,” “us” and
“our” refer to JPMorgan Financial.
PS-13
| Structured Investments
Capped Buffered Equity Notes Linked to an Unequally Weighted
Basket Consisting of the S&P 500® Index, the ARK Innovation ETF and the iShares® MSCI EAFE ETF
|
|
Annex A
The ARK Innovation ETF
All information contained in this pricing supplement
regarding the ARK Innovation ETF (the “ARKK Fund”), has been derived from publicly available information, without independent
verification. This information reflects the policies of, and is subject to change by, ARK ETF Trust (“ARK Trust”). The ARKK
Fund is an actively-managed exchange-traded fund managed by ARK Investment Management LLC (“ARK LLC”), the investment adviser
to the ARKK Fund. The ARKK Fund trades on NYSE Arca, Inc. under the ticker symbol “ARKK.”
The investment objective of the ARKK Fund is long-term
growth of capital.
As an actively-managed fund, the ARKK Fund is subject
to management risk. In managing the ARKK Fund, ARK LLC applies investment strategies, techniques and analyses in making investment decisions
for the ARKK Fund, but there can be no guarantee that these actions will produce the intended results. The ability of ARK LLC to successfully
implement the ARKK Fund’s investment strategy will significantly influence that ARKK Fund’s performance.
The ARKK Fund will invest under normal circumstances
primarily (at least 65% of its assets) in equity securities of U.S. and non-U.S. companies that are relevant to the ARKK Fund’s
investment theme of disruptive innovation. ARK LLC defines “disruptive innovation” as the introduction of a technologically
enabled new product or service that potentially changes the way the world works. ARK LLC believes that companies relevant to this theme
are those that rely on or benefit from the development of new products or services, technological improvements and advancements in scientific
research relating to the areas of genomics; innovation in automation and manufacturing, transportation, energy, artificial intelligence
and materials; the increased use of shared technology, infrastructure and services; and technologies that make financial services more
efficient. ARK LLC defines “genomics” as the study of genes and their functions, and related techniques (e.g., genomic
sequencing).
ARK Trust is a registered investment company that consists
of numerous separate investment portfolios, including the ARKK Fund. Information provided to or filed with the SEC by ARK Trust pursuant
to the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, can be located by reference to SEC file
numbers 333-191019 and 811-22883, respectively, through the SEC’s website at http://www.sec.gov.
PS-14
| Structured Investments
Capped Buffered Equity Notes Linked to an Unequally Weighted
Basket Consisting of the S&P 500® Index, the ARK Innovation ETF and the iShares® MSCI EAFE ETF
|
|
JP Morgan Chase (NYSE:JPM)
Historical Stock Chart
From Feb 2024 to Mar 2024
JP Morgan Chase (NYSE:JPM)
Historical Stock Chart
From Mar 2023 to Mar 2024